With housing prices depressed as they are more people are qualified to be 1st time buyers.  Interest rates are still low and the question becomes buy or rent?  They are trying to make the right choice and they are worried. In some case the price of owning is the same or nearly the same as renting.  For some that have job security they can take advantage of low interest rates and low prices.  This is rare in a down turn.  Plus there is a tax credit in addition to the other good qualties of the market. First in this situation you must ask yourself how long do you plan to live in the property?  There are costs to buying and to selling it would be best if you were not planning to move for 5 years.  Some of the costs are the brokerage fees, title, escrow, transfeer fee, closing costs the poi... 09/01/2009

If you have any interest in attending a great free program in Mission Viejo- you need to sign up now!  The city is sponsoring a Readers Festival on Saturday Sept 12 from 10-6 at the Norman P. Murrary Center and the library- you ask why am I telling you about this already- well the rooms are getting full so go to the official website and sign up for the things that interest you. It looks ike a great day planned for both young and adults alike.   Here is the schedule for adult activities..   10:00 - 11:00 am Robin GlasserFrank BeddorSid Fleischman 10:00 - 11:30 am  Lisa See                   11:30 - 12:30 pm DJ McHaleLee Ames, Andy Mitchell, Bob Singer, MikeVenezia and Kevin FaganDenise Hamilton, Gary Philips and Nina RevoyrMr. Mike (Mike Snyder) 12:45 - 1:30 pm Phil Brigandi 1:00- 2:00 p... 09/01/2009

It seems that very few realtors know that FHA financing can be used to purchase up to 4 units. Owner occupancy is required but the buyer can still buy the property with as little as a 3.5% down payment. Financing one and two units the minimum down payment is always 3.5%. With three and four units the loan amount is determined by the debt service.    When a buyer wants to purchase three or four units utilizing FHA financing the property must be self-sufficient. The maximum loan amount is limited so that the ratio of the monthly mortgage payment, divided by the monthly net rental income, does not exceed 100%. The buyer must have three months total payment in reserves and the reserves cannot be a gift.    Here is an example of how a buyer can purchase four units with FHA financing when the... 09/01/2009

Lake Mission Viejo Association will be ending the summer with Family Fun Day. This event brings families together to work, play and compete in an afternoon of games and contests. Later there will be a fantastic family concert with MITCHEL MUSSO from the "Hannah Montana Show" followed by Fireworks.After the successful pairing last summer of Family Fun Day  with an evening concert under the stars at beautiful Lake Mission Viejo, we are bringing it to you again. Don't forget the Concert Rules and Concert Lottery procedures are in effect for this show as always on holiday weekends. This annual Saturday event is a family favorite with all ages. There will be fun activities, including Kayak Races, Pie and Watermelon Eating Contests, and Beach Obstacle Course for everyone to participate in . T... 08/31/2009

It takes a little over 1.1 months to sell a home in Lake Forest the shortest time in Orange County.  The difference is amazing it is about 20% faster than it was 2 weeks ago and better than 60% faster than a year ago.  The average home this past week was priced at a little over $546,000.  As my blogs will bear out the market under $600,000 is moving a light speed while over that amount is creeping along. 63% if the properties that have closed are distressed properties (short sales or foreclosures).  If you were trying to purchase properties in the last two weeks you would probably have found yourself in bidding wars.  Some short sales and foreclosure properties have a strategyto price low and allow the market to come to its price by bidding wars.  I believe that the market in Lake Fores... 08/30/2009

If you have a house to sell, sell it before selecting a house to buy! I know right now this contingence will put sellers off. This will work if your home has been on the market for some time and you have lowered the price to sell it fast because sellers do not want to be tied to your sale. Unless you are buying a new home in which case the builder has other houses to sell and can afford to put one on a contingency.   Let's pretend that we go out looking for the perfect house for you. We find it and you love it! Now you have to go make an offer to the seller. You want the seller to reduce the price and wait until you sell your house. The sellers figure that's a risky deal for them, so they will pass you up for a buyer who DOESN'T have to sell a house. Or he says OK, he'll do the continge... 08/29/2009

Have you ever though about how much you need to retire from work?  Real Estate could make sense for a great retirement vehicle.  Lets look at what you can do.  If you can purchase a home at a low price and pay it off in 10 to 15 years or if you purchase the home cash.  In our area, each home will bring in (assuming you purchase a low end home) $1800-2500 per month. If you own 5 homes it will bring in $9000-12,500 per month.  Now that is better than Social Security.  There are a few thing you need to do.  Have good credit if you are going to purchase a home with a loan.  I would still carry 30 year financing but pay it off like a 10 or 15 year loan (calculate the payments you would make on a 10 or a 15 year loan and pay that).  The reason for taking the longer term rather than the short ... 08/28/2009

Last night I went to bed knowing that Palos Verdes and Flintridge and Hemit were all dealing with fires.  It is a tribute to our firemen and women who fought the fires all night.  This morning the air assult is on the way and thank god there is little to no wind.  It is much better. Please be careful it is a high fire danger in all areas of the southland.  08/28/2009

California Association of Realtors said Orange County's median selling price in July was $500,210 up 2.4 percent from June.   It is down 6.9 percent from a year ago.  The positive note is that we have gone up in value for 5 out of the last six months this could be a trend.  It is well known that we do not have enough homes or condos for the population.  There is a pent up demand for housing.  We have too little building and that is mostly due to the economy.  If we had to solve the housing condition quickly we cannot because of building regulations in Orange County and California.  So as the market turns we will have a large shortage of homes. When there is a shortage of homes then we will see prices go up.  For those on the fence trying to decide what to do, buy now.  You might think t... 08/27/2009

Yesterday, some statistics came out  to show that the movement is in the lower market.  The slow markets in Orange County ar in Laguna Beach and Newport Beach because the homes are expensive and that market is the one laging behind.  If you look at Orange County as a whole you will find prices stablizing.  Don't be fooled we need to look neighborhood by neighborhood.  The lowest end have investors and first time buyers and the move up market is not there.  The current trend is a move down for buyers in the market but most are short sales and REO's (bank owned property) leave the individule unable to purchase and they will be out of the market for 2 to 5 years by the current lending rules.  Since there is no move up market to speak of the homes over $600,000 are really feeling the effect... 08/27/2009

If you did not read the article the supply of homes for sale in Orange County is shrinking.  We have been watching the inventory in the county drop and it is now half of what it was two years ago.  We have dropped over 1000 properties since May.  This causes multiple offers on homes and modest increases in home sale prices.  This means there are more buyers than sellers all looking for a deals.  The majority of the properties are still either lender owned (REO) properties or short sale.  The pressure is for homes under $600,000 they are the homes with the multiple offers.  The more expensive the home the longer it takes to sell with the homes over 1 million taking 9.67 month on average to sell. If you are in need of a property analysis please give us a call. 08/26/2009

With the affordability index at the highest level in history it's no wonder so many first time buyers are deciding now is the time to buy a home. Parents are co-mortgaging with their children to help them take advantage of the opportunities in real estate today. The question is, how and who qualifies for the financing?   Conventional Financing When a buyer is receiving gift funds for the down payment the buyer must have 5% of their own funds towards the down payment unless the gift is 20% or more. If the gift is greater than 20% then the buyer does not need 5% of their own funds. Under this scenario the borrower would be qualifying alone and just using gift funds for the down payment and closing costs. What happens if the parents want to buy a home for their son or daughter but he or sh... 08/25/2009

A word of caution - most agents create ads solely to make the phone ring! A good amount of the homes have some kind of a drawback that's not mentioned in the ad, such as traffic noise, power lines, or litigation in the community. We want to sell the house so we have to put it in the best light, that's our job. What's not mentioned in the ad is usually more important than what is. For this reason, I want you to be very careful when reading ads. Even the pictures can be disceiving if you are not careful. Remember that the person writing the ad is representing the seller and not you! They at first will point out all the good things then the bad. The good things are to get you emotionally attached, so the bad things don't look as bad! The most important thing you can do is have someone on y... 08/24/2009

A Tustin Lender had priors this is not just a view from a Mission Viejo Realtor.  The Orange County Register showed that a Tustin lender Medical Capital Holdings one of the Partners Sidney Field was investigated for fraud in 1991 accusations supported by interviews and documents thus he had priors.  The California insurance regulators sued Sidney Field for Fraud.  He was taken out of the insurance industry thus the had Priors statment.  In July the Securities and Exchange Commission filed a civil fraud suit against Medical Capital a Tustin Lender, Villa Park resident  Sidney Field and his partner Joseph J. Lampariello.  Medical Capital a Tustin Lender was able to raise $2.2 billion from 20,000 investors over the past six years.  Medical Capital used the money primarily into unpaid bills... 08/23/2009

The Economyis likely to grow sooner not later was the message from Bernanke yesterday.  Assuming that to be true then the up ticks we are seeing in the sales of homes in our area South Orange County and Mission Viejo would continue.  It is even better than that it is the entire country. The Federal Reserve Chairman Ben Bernanke on Friday offered his most optimistic outlook since the financial crisis struck.  He stated that this recovery was not just in the US but throughout the world.  He did say that there will be some bumps along the road of recovery.  That it will still have difficult challenges ahead.  So, if I were going to get in the market now would be a good time.  Because the interest rates are likely to go up and if they do they usually go up fast.  Pricing all those on the si... 08/22/2009

Sales in July hit the highest level in 28 months as buyers are taking advantage of the lower prices.  In Orange County some sales rose as high as 120-150 percent in parts of Anaheim and Stanton.  These areas have prices ranging from $250,000 to 310,000, according to Data Quick.  In the County, 3128 houses and condos sold which is up 11.8% from a year ago and the biggest total since March 2007.  As I have been stating and the reports confirm, the homes under $500,000are moving and the ones above $500,000 are moving very slowly.  Foreclosures and short sales have keep pace but that could change at any time.  If we look at the loan delinquencies and the numbers of layoff and unemployment purchases could be affected.  It is still the demand for the foreclosures and short sales that is drivi... 08/21/2009

I took out some buyer's who were down from Northern California and they could not believe how affordable our properties are.  In fact they referred 2 other people to me and all are moving to the area.  More than half of the household's in Orange County, California can earn enough to afford an entry-level home.  The Orange County Register article by Jeff Collins stated that $71,000 a year down from $87,000 a year. 53% of the buyers can afford to purchase in Orange County and that is 38% percent in second quarter of 2008.  The minimum household income needed to afford a starter home now is below the median household income for 2007. What does this mean?  Well it means the pool of buyers has increased and it becomes easier to sell the properties that come on the market.  That could also he... 08/21/2009

Wow- with summer winding up Mission Viejo has stepped it up for things to do this weekend. You can attend the Ranho Mission Viejo Rodeo both Saturday and Sunday- try a little cow roping or bull riding or more likely watch a little bull riding and cow roping. You can check out the Rodeo website for all the details at http://www.rmvrodeo.com/   Another option is the Lake Mission Viejo concert- there is only one more concert after this one this summer so grab the low back chairs and your blanket and head to the Lake Saturday night at 7 pm- member of the lake and their guests only. NO MORE KINGS This unique, new band is the creation of singer/songwriter Pete Mitchell, who used his experience animating video games for Disney and The Jim Henson Company to create music that is a "thank-you let... 08/21/2009

There are now six waterfront properties available in Mission Viejo, CA. The sizes run from, right around 4,000 sq.ft. to 5,500 sq.ft., with 3 to 5 car garages, some include a pool and spa. All of them a standard sales ranging from $2.3 to $3 million. This is the best kept secret in Orange County! One of the finest lakes with crystal clear water maintained at the highest quality and white sandy beaches! Available right out your back door, fishing, swimming, sailing, boating and kayaking to be enjoyed whenever it hits your fancy. Community concerts during the summer, outdoor movies at the park, view the firework show right from your backyard and go from your dock right to the shops or restaurants that are also located on the lake. All this in the safest and most beautifully maintained Cit... 08/21/2009

I am searching for Not Yet and Retirees wanting to retire in South Orange County, Mission Viejo, CA.  Even if you are still working but wanting to do something for your future in regards to a retirement home, now is the time. Most retirement communities have an age restriction but did you know that you can purchase before you reach retirement age? Let's say the age restriction is 55 years of age to live there. Notice the word LIVE. You can OWN property in age restricted communities at any age, as long as you do NOT live there. Mission Viejo has two large retirement communities with a full range of prices, styles and amenities to fit anyone's needs and wants. Buying a property in age restricted communities, the homes are usually less expensive then the homes surrounding it, making it a g... 08/18/2009